The remarkable prosperity of the United States is sufficient proof for any ordinary person without a Ph.D. in economics that the importance of the 'Fed' to the economy is closer to theory, or even to a kind of reality that many ignore. Over time, the U.S. Federal Reserve has transformed into something like a full operating system for economists, both within its halls and outside them. John Tamny* The Federal Reserve was never the 'steerer of the economy,' despite all the rumors and writings about it. This is a point that must be taken into account amid the ongoing debate over what the 'Fed' will do, its independence, and whether it is supposed to be a true indicator of economic prospects.
